Pengaruh Investasi Berkelanjutan (ESG), Corporate Governance, dan Struktur Modal Terhadap Nilai Perusahaan Perbankan yang Terdaftar di BEI Tahun 2021-2024
持続可能な投資（ESG）、コーポレートガバナンス、資本構造がインドネシア証券取引所（BEI）上場銀行の企業価値に与える影響（2021-2024年） (AI 翻訳)
Annisa Nurul Pebriyanti, A. Najwa, Salwa Toha, D. Azizah, A. Putri, A. Agustin, Maria Yovita, R. Pandin
🤖 gxceed AI 要約
日本語
本研究は、インドネシア証券取引所（IDX）に上場する銀行業を対象に、ESG投資、コーポレートガバナンス、資本構造が企業価値に与える影響をPLS-SEMで分析した。結果、コーポレートガバナンスは有意な正の影響、ESGは負の影響（ただし非有意）、資本構造は有意な負の影響を示した。ESGの市場評価は限定的であり、インドネシア投資家のESG認識の低さが示唆される。
English
This study examines the impact of ESG investment, corporate governance, and capital structure on firm value in the Indonesian banking sector using PLS-SEM. Results show corporate governance has a significant positive effect, ESG a non-significant negative effect, and capital structure a significant negative effect. The negligible ESG impact suggests limited market recognition of sustainability in Indonesia.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
インドネシア市場におけるESGと企業価値の関係を実証した点は、日本企業が新興国進出時のESG戦略を検討する際の参考となる。ただし、気候変動対応や日本の開示基準（SSBJ）との直接的な関連は薄い。
In the global GX context
This paper provides evidence from an emerging market (Indonesia) on the weak pricing of ESG factors, contrasting with developed markets. It adds to the global debate on ESG materiality, though it does not directly address carbon accounting or climate disclosure frameworks like TCFD/ISSB.
👥 読者別の含意
🔬研究者:Provides empirical evidence from an emerging market on ESG–firm value relationships, useful for comparative studies.
🏢実務担当者:Indicates that in Indonesia, investors do not yet reward ESG efforts, so firms may need to educate the market.
🏛政策担当者:Suggests that ESG disclosure and investor awareness need regulatory encouragement to affect corporate behavior.
📄 Abstract（原文）
The purpose of this study is to examine the impact of capital structure, corporate governance (CG), and sustainable investment (environmental, social, and governance/ESG) on firm value in the banking industry listed on the Indonesia Stock Exchange (IDX) between 2021 and 2024. The Partial Least Squares–Structural Equation Modeling (PLS-SEM) method is the quantitative approach used in this study. SmartPLS software is used to analyze secondary data collected from corporate governance disclosures, sustainability reports, and annual financial reports. The results show that corporate governance has a significant and positive impact on business value, while sustainable investment (ESG) has a negative but negligible effect. On the other hand, capital structure has a substantial and detrimental impact on firm value. ESG, corporate governance, and capital structure all have a significant simultaneous impact on firm value; their coefficient of determination (R2) is 0.584, meaning that these three factors explain 58.4% of the variation in firm value. These results imply that while excessive use of debt tends to lower company value, sound corporate governance is the main determinant in increasing firm value in the banking industry. However, the application of ESG principles has not yet shown a substantial impact on market value, suggesting that investors in Indonesia's banking industry do not completely take sustainability factors into account. In order to increase company value and business competitiveness in the capital market, this study highlights the significance of synergy between solid financial practices, excellent corporate governance, and a dedication to sustainability
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.55606/jurimea.v6i1.1965first seen 2026-05-15 18:55:41 · last seen 2026-06-08 05:14:30
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。